First-ever recovery acceleration fund in Florida will help survivors rebuild faster
NEW ORLEANS (June 25, 2024)—The national disaster recovery nonprofit SBP and impact investing firm Maycomb Capital have launched a partnership to help communities affected by disasters rebuild their homes and recover more quickly.
Maycomb Capital’s debt investment of up to $2M will provide the upfront capital to enable SBP to finance home repairs for disaster survivors who lack the means to rebuild on their own. This short-term bridge funding, known as SBP’s Recovery Acceleration Fund, will empower low-income communities to surmount the financial barriers that delay their recovery after Presidentially-declared disasters.
“SBP’s Recovery Acceleration Fund, financed by Maycomb Capital, is a social impact fund that’s providing immediate relief to the citizens of Volusia County,” said SBP CEO Tim Brady. “At scale, the program can accelerate recovery for tens of thousands of disaster survivors each year, returning families to the homes they already own more quickly.”
Arising from SBP and Maycomb Capital’s shared commitments to advancing transformational outcomes for underserved communities, this is the first-ever disaster recovery fund in the state of Florida launched through outcomes financing. The Community Outcomes Strategy at Maycomb Capital is the largest one in the United States dedicated to outcomes financing.
Credit Human, the Texas-based federal credit union serving over 235,00 members across the United States, is a notable partner, serving as the current lender for the program.
Through short-term bridge loans from SBP’s Recovery Acceleration Fund, qualified homeowners who sustained damage after Hurricane Ian are able to rebuild their homes on an accelerated timeline, much faster than would be possible if they waited for HUD Disaster Recovery Funds. That process usually takes at least six months, but often takes much longer. Once HUD Disaster Recovery funding becomes available to the local community, the bridge loans originated by homeowners will be extinguished through the reimbursement funds in compliance with federal, state, and local requirements.
"SBP has a strong track record of helping communities reduce the time between disasters and recovery through their innovative programs and network of local leaders and partners,” said Andi Phillips, Founder and Managing Partner of Maycomb Capital. “We believe this outcome financing partnership has promising potential to drive measurable impact not only among communities in Florida—but also among other low-income communities affected by disasters across the country.”
ABOUT SBP
SBP is a national social impact organization dedicated to empowering communities to shrink the time between disaster and recovery by rebuilding homes, increasing preparedness and resilience, and improving systems to better serve the needs of all Americans. To learn more, visit www.SBPUSA.org.
ABOUT MAYCOMB CAPITAL
Maycomb Capital is a pioneering impact investing platform. We provide financing to fund strategies and enterprises that transform communities. At Maycomb, we know that the world's problems demand patience, creativity, and an appreciation for complexity. We drive capital toward effective solutions for underserved communities, using data and rigorous analysis to guide our decisions. We identify scalable and sustainable paths to positive change, tackling entrenched social and economic challenges. By harnessing the scale, expertise, and risk tolerance of the private sector in service of the public good, we're demonstrating what's possible with mission-focused, flexible capital. For more information, visit maycombcapital.com.
ABOUT CREDIT HUMAN
Chartered in 1935, Credit Human is a $3 billion federal credit union serving over 200,000 members across the United States. Headquartered in San Antonio, we are a not-for-profit, member-owned financial cooperative. Being member-owned means everything we do is in the best interest of our members, not shareholders. We’re committed to helping members create and maintain financial slack so they can stress less and live more. We serve members in over twenty locations in San Antonio, Houston and New Orleans, most of which have already been transitioned from traditional branches to Financial Health Centers. Visiting a Financial Health Center is a different experience than a typical branch visit. We’re finding ways to streamline day- to-day transactions so our team will be able to spend more time with our members learning about their financial realities and discussing new ways to keep them on a sound financial footing. To learn more about Credit Human visit CreditHuman.com.